Justice Proposes Tax Cut, Will Call Special Session
Gov. Jim Justice said in a Wednesday afternoon revenue briefing that he will call a special session after proposing a personal income tax cut.
He first announced a $1.3 billion state surplus for Fiscal Year 2022. He said the record setting revenue amount exceeds the current rainy day fund by more than 30 percent.
With that surplus, Justice said he still wants to eliminate the state’s personal income tax but, for now, he’s proposing a 10 percent personal income tax cut, retroactive to Jan. 1, 2022.
He said the tax cut will be aggregated with levels of tiering based on income. He said this will return $254 million to the taxpayers of West Virginia.
Justice said he will call the special legislative session on the tax cut to coincide with the upcoming legislative interim meetings set for late July.